It’s safe to say that ‘big data’ is a bit of a buzzword at present, but there’s little sign of it going away; the impact it’s having on today’s businesses is simply too big to ignore. Here we’ll take a look at exactly what it means for the modern enterprise.
Thanks to the fast-growing prominence of mobile apps, social networks and connected technologies, the volume and diversity of data we create has exploded. According to the estimates of computing giant IBM, the digital universe now contains 2.7 zettabytes of data – 90 per cent of which has been generated in the past two years alone.
This is something that business owners can’t afford to ignore. Today’s enterprise has plenty of new challenges to consider, but those who navigate the big data revolution effectively have a lot to gain.
Challenges
- As mentioned above, the sheer volume of data that exists today is pretty difficult to comprehend, and the figure is growing rapidly. Only those with the right expertise, knowledge, tools and experience will understand what to do with it.
- With great data comes great responsibility. The more information you store, the more robust your security measures will need to be – especially if it’s your customers’ personal data at stake. There’s simply too much to lose by leaving yourself unprotected.
- If you’re going to get the most from the information available to you, you’ll need to act quickly. The window in which the average piece of information is relevant and useful is shortening rapidly; most organisations have real-time data informing every decision they make.
Opportunities
- Data has the power to help you learn more about your audience than has ever been possible – and this can only improve your marketing efforts. With a more detailed understanding of your customers’ buying habits and backgrounds, for instance, you’re able to better target them with promotions.
- As soon as you start harvesting and analysing information on internal processes, you’ll be able to highlight opportunities for improvement. Everything should become more time- and cost-efficient as you iron out the creases.
3. The opportunity to learn about your competitors is also a big one. When you know what the business next door is up to, you can better position yourself to stand out to your shared audience.
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